The BBVA Foundation and the Valencian Economic Research Institute (Ivie) have been making regular estimates of Spanish capital stock for more than a decade. Research to date has been based on the accumulation of fixed capital. In this monograph, spanning the 1990-2007 period, its perimeter is enlarged to include the value of land. Furthermore, series are presented with a breakdown by region, province and social class.

The authors analyze both the existing housing stock and the behavior of prices over the reference period. Growth of these two factors, prices especially, has caused the capital stock in housing to multiply by more than five between 1990 and 2007. Yet the territorial distribution of this increase in value has been notably uneven.

Consideration also goes to the impact of land in the valuation of the housing stock. The study methodology is based on the permanent inventory method. The main sources used in valuing the housing stock are the 2001 Housing Census of the Spanish Statistics Office (INE), for the floorspace of dwellings, and the Ministry of Housing, for an itemized breakdown of housing prices. The underlying database is available for consultation on the BBVA Foundation website.

This new publication will provide both scholars and the general reader with material for analysis and reflection on the capital stock in housing, a topic of keen interest in the present juncture when this sector has gained an unprecedented importance in the performance of the Spanish economy.